Home Highlights April 2013 Year 2013 This

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1. Wealth tax - the commercial asset used by the assessee substantially and partly given on lease are not business assets and thus includible into the 'net wealth' u/s...

2. Recovery of VAT from the purchaser of property in Auction - Attachment of mortgaged properties - It is hereby declared that the respondent No.2 had the first charge over...

3. Deemed dividend addition u/s 2(22)(e) - assessee had mortgaged his properties for availing credit limits by the company and dried up his resources for getting financial...

4. Determination of net wealth of assessee - Renting of property - once the rental income from the property is treated as “business income” and the character of the asset...

5. Allowance of standard deduction u/s 24(a), deduction for actual repairs, and deduction of accumulated income u/s 11(2) in the case of a charitable trust claiming...

6. Recovery of Tax - Attachment and auction of property - Right of buyer of property in Auction - the dues as claimed by the respondent no.2, being a charge on the...

7. Tax recovery proceedings - Right over property mortgaged - It has come to the knowledge of the Tax Recovery Officer that the defaulter has mortgaged the subject property...

8. Press Release on FDI Circular 2 of 2011.

9. Seeking release of attached property and to restore possession - property of Corporate Debtor who is not a financial establishment as defined under Section 2(e) WBPIDFE...

10. Deduction us/ 80P(2) - income received on investment made with co-operative banks - The Tribunal interpreted section 80P(2)(d) and (e) to determine the eligibility of...

11. Deduction u/s 80P(2)(d) - Interest income earned by the Society comes with the category of income from other sources and Section 80P(2)(d) deals with the eligible...

12. Claim of deduction u/s 80P(2)(d) - interest income received from Co-operative Bank - In the present case even though the assessee’s claim of deduction under section...

13. Deductibility of interest income from investments u/s 80P(2)(a)(i) of the Income Tax Act for a primary agricultural credit cooperative society. The key points are: The...

14. Mortgage of property - execution of guarantee deeds of the retired director - There is no occasion for the Bank to plead that although the new directors and surety...

15. Inclusion of let out property in the wealth tax assessment - scope and ambit of wealth tax u/s 2(ea)(i)(5) - wealth tax is not to be levied on productive assets - AT